Serve Robotics, a frontrunner in autonomous sidewalk robot delivery, announced a successful round of funding, securing $30 million. This latest financing effort has brought the company’s total capital raised to $56 million since its inception in 2021.
In addition to this financing, Serve Robotics also revealed its reverse merger with Patricia Acquisition Corp., a Delaware-based public corporation. Post this merger, Serve will function as a wholly-owned subsidiary of Patricia, which has since rebranded to Serve Robotics.
Notable participants in this financing round include existing investors Uber Technologies, NVIDIA, and Wavemaker Partners, joined by new investors such as Mark Tompkins and Republic Deal Room. Montrose Capital Partners sponsored this transaction. Network 1 Financial Securities, with consultation from Intuitive Venture Partners, and Aegis Capital Corp acted as co-placement agents.
Effective July 31, 2023, Sarfraz Maredia, Uber's Vice President of Delivery and Head of Americas, has been inducted into the board of Serve Robotics.
This influx of capital paves the way for Serve to expand its presence across the U.S. and further refine its AI-powered mobility platform. The company is set to grow its robotic fleet to cater to the increasing demand for last-mile automation. This includes an agreement to roll out up to 2,000 robots for Uber Eats.
Dr. Ali Kashani, Co-founder and CEO of Serve, commented on the company’s growth trajectory, “Serve’s monthly delivery volume has seen an average increase of over 30% for the last 18 months. With this public status, we gain more access to capital. This will bolster our growth, especially as we deepen our ties with leading food delivery platforms and expand other enterprise partnerships."
It is essential to note that the securities issued in the acquisition and those sold privately are not yet registered under the Securities Act of 1933. Therefore, they cannot be resold without either registering under the Act or obtaining an exemption from registration.